Insurance is as much about having the right information at the right time as anything. Whether it’s an underwriting choice to price a risk correctly or a claim decision as to when to a play a claim, having the best data available can make or break an organization. Despite this fact, many organizations fail to take advantage of tools and rights available to them prior to making critical business decisions. Claim reviews are empowering tools to help make better decisions. Staying ahead of the competition and managing risk is a key component of any any successful organization. The claims review allow decision makers to have the most available data to make better decisions. In this weeks post we discuss 8 reason when they should be done and speak to going beyond the claim files to fully understand the substance behind the numbers.
Author: Marc Lanzkowsky
5 Things To Avoid When Negotiating In Business and Claims
Let’s face it, claims is as much about negotiating as anything. It is a significant part of our jobs as claims professionals, yet little real time is spent honing those skills. In coming across an article on 5 things you should never say while negotiating, we comment on how these techniques can be used in claims negotiations. Take a look, and tell us your techniques.
5 Business Basics Every Claims Person Should Live By
Ideas from successful business can be adopted in claims very easily if one takes the time to look. As we all know, claims folks have little time to look and that is where I hope the Claims SPOT can help. Sometimes claims organizations get so involved in the day-to-day that they have little time do the basics. However, concentrating on doing the write thing from a business perspective is the best way to succeed in claims. Expanding on Donna Flagg’s recent article Five Things They Don’t Teach You In Business School, we explore how those five things apply in the claims world. It’s common sense time in our most recent post.
Claims And A Half Plate Of Vegetables – Teachings From The New Dietary Guidelines
Recently the government changed the way the public should look at nutrition through simplified messages like “eat less.” Simplicity and looking at the obvious in an easy to understand way is a tool that would go a long way to helping the claims professionals be better at what they do. Being understandable and actionable can only be a good thing in claims. In our latest post, we discuss how trying to use visual cues when handling a claim or looking at the claims process can benefit today’s professionals. We are a visual society – time to shift some of those visual cues to claims.
Commentary: Claims Departments Are Facing A Crisis And Have To Learn To Encourage Innovation
I’m fed up and I’m not going to take it any more. OK maybe that is an extreme statement but it is time for the industry to face facts. Talent is diminishing and the need to change the claims process is now. So we have heard this before, regardless, the “we have always done it that way mentality” is not helping. In our latest post I comment on the need for change in the industry.
Looking Back On 2010 And Forward To 2011 In The World Of Claims
The year began with continued economic concerns, a poor job market and no recovery in sight. It has come to a close with a booming stock market, improved job numbers and a better outlook for 2011. Looking back on the year in claims and looking ahead to the future of claims is always a fun exercise this time of year so here we go! The Claims SPOT adds to the debate about the past and the future.
Thanks for reading and have a happy and healthy holiday season and New Year!
Here We Go Again! CMS Postpones Deadline For P&C Mandatory Reporting Until January 1, 2012
For the second time the government has postponed the mandatory reporting requirements for carriers. The complex nature of reporting and several unanswered questions surrounding implementation and enforcement seems to have prompted the change. The costs associated to comply as well as the risk for improper or failure to comply has resulted in a new insurance product to protect those entities from liability due breakdowns in the reporting procedures. Learn more in the latest from the Claims SPOT.
Claims And The Investigative Journalist And Learning From All The President’s Men
Investigating a claim is like being an investigative journalist. Using the story of Bob Woodward and Carl Bernstein and All the President’s Men, see how there is a relationship between investigative reporting and claims. In today’s post we also remind claim professionals how technology has truly made certain aspects of claims bette. Regardless, it is important not to forget what is most important in claims – the knowledge and skill of the claims professional’s ability to analyze fact and come to a reasoned and supported conclusion.
3 Perspectives On The Use Of Social Media In The Claims Investigation Process
Social medial sites like LinkedIn, Foresquare and Facebook are becoming a regular common experience in today’s world. With increased use is information that regular people put online that is available for review and scrutiny. In today’s post we discuss the use of these sites in the investigation of claims from the perspectives of attorneys, claims professionals and investigators. Summarizing a recent discussion on the Insurance Professionals group of linkedIn, it provides and interesting perspective on how these sites are very much being used in the claims process today.
Do The Hard Things First And Embrace The Challenges: A Conversation With Chartis (AIG) Chief Claims Officer Rick Woollams
On July 28, 2010, The Claims SPOT had the pleasure to sit down with Rick Woollams for our “The Inside SPOT” series of industry leaders. We hope to present more interviews where we explore how these leaders began their careers and how they see the industry today.
Rick Wollams is in charge of one of the largest claims organizations in the world. What was most interesting about our discussion was how he began his insurance career as a front line liability claims handler and worked his way up the ranks. At his heart he is a claims person through and through and clearly cares about the profession and the people that work for him.
Do the hard things first and embrace the challenges is a wonderful message from Rick Wollams so please read more and enjoy the interview.